BoG issues consumer protection directives to address regulatory gaps, others

The Bank of Ghana (BoG) has issued consumer protection directives aimed at addressing regulatory gaps, promotion of standardization in the resolution of complaints and responding to emerging practices in the industry.

The directive, according to the apex Bank includes; Consumer Recourse Mechanism Guideline for Financial Service Providers, 2017; Disclosure and Product Transparency Rules for Credit Products and Services, 2017; Notice on Abolition of Unfair Fees, Charges and Other Practices in the Banking Sector, 2021; Notice on Sanctions for the Issuance of Dud Cheques, 2021; and Unclaimed Balances and Dormant Account Directive, 2021.

A statement issued by the BoG said the development reaffirms support to the financial sector towards improving on customer service delivery and experience.

“The Bank of Ghana is committed to empowering consumers through financial literacy and sensitization programs, ensuring timely resolution of consumer complaints, providing a legal framework that adequately protects consumers, while helping the industry improve on customer service delivery and experience,” the statement read.

It further added that the measures indicate the degree of focus on consumer rights and interests adding that as part of the Bank's supervisory functions, it identifies systemic issues in product and service designs, channels, systems, and third-party arrangements and determines consumers’ level of satisfaction and appreciation of their rights in procuring products and services from financial service providers.

It emphasized that with the emergence of services and new products introduced unto the market, the Central Bank will continue to address consumer interest and all disclosures are front-loaded.

“The Bank embarks on all-year-round financial literacy programme which targets the most vulnerable in society. Additionally, the Bank organizes annual workshops for Consumer Reporting and Compliance Officers of banks to assess the root causes of all recurring complaints and proffer directives to mitigate recurrence,” the statement added.

“As we celebrate our customers, it is our fervent hope and expectation that regulated institutions will recognize consumer complaints as a measure of the adequacy of the redress structures, and an impetus for the improvement of our consumer protection measures,” it concluded.

MA

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